Shares of Abraxas Petroleum Corp. (NASDAQ:AXAS) have received an average recommendation of “Buy” from the seven brokerages that are presently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $2.95.
AXAS has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded Abraxas Petroleum from a “buy” rating to a “hold” rating in a research note on Wednesday, November 15th. Robert W. Baird raised Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 price objective on the stock in a research note on Tuesday, December 19th. BidaskClub raised Abraxas Petroleum from a “hold” rating to a “buy” rating in a research note on Thursday, December 21st. Canaccord Genuity reissued a “buy” rating and issued a $3.00 price objective on shares of Abraxas Petroleum in a research note on Wednesday, January 24th. Finally, Stifel Nicolaus upped their price target on Abraxas Petroleum from $3.10 to $3.30 and gave the stock a “buy” rating in a research note on Tuesday, January 30th.
A number of hedge funds have recently bought and sold shares of AXAS. Heartland Advisors Inc. acquired a new position in Abraxas Petroleum during the 4th quarter worth approximately $4,094,000. Foundry Partners LLC acquired a new position in Abraxas Petroleum during the 4th quarter worth approximately $3,676,000. Vanguard Group Inc. raised its stake in Abraxas Petroleum by 15.3% during the 2nd quarter. Vanguard Group Inc. now owns 8,322,387 shares of the energy company’s stock worth $13,483,000 after buying an additional 1,106,142 shares during the period. Mckinley Capital Management LLC Delaware acquired a new position in Abraxas Petroleum during the 3rd quarter worth approximately $1,342,000. Finally, TIAA CREF Investment Management LLC raised its stake in Abraxas Petroleum by 114.5% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,184,780 shares of the energy company’s stock worth $1,919,000 after buying an additional 632,370 shares during the period. 46.89% of the stock is currently owned by institutional investors and hedge funds.
Abraxas Petroleum (NASDAQ:AXAS) last announced its quarterly earnings data on Tuesday, November 7th. The energy company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The business had revenue of $24.70 million during the quarter, compared to analyst estimates of $25.38 million. Abraxas Petroleum had a net margin of 18.83% and a return on equity of 17.00%. The firm’s revenue for the quarter was up 76.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.02) earnings per share. sell-side analysts predict that Abraxas Petroleum will post 0.12 earnings per share for the current fiscal year.
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About Abraxas Petroleum
Abraxas Petroleum Corporation is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and gas. As of December 31, 2016, the Company’s estimated net proved reserves were 44.7 million barrels of oil equivalent (MMBoe), of which 33.6% were classified as proved developed, 74% were oil and natural gas liquids (NGL), and 95% of which (on a PV-10 basis) were operated by the Company.
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